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Article: What to do? (stock market crash)
- Article from:
- National Review
- Article date:
- November 20, 1987
CopyrightCOPYRIGHT 1987 National Review, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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What To Do?
STOCK PRICES ARE back down to where they were a year ago, though substantial gains have recently been made in the value of U.S. bonds. It's unsettling, but not unmanageable. Properly handled, it could be as ephemeral as the crashes of 1962 or 1966, so long as we don't instead replay the tax, trade, and monetary policies of 1929-32--as the market now expects.
The biggest panic was in the White House, which was somehow snookered with the bizarre notion that the stock market suddenly yearned for higher taxes on corporations, their customers, and stockholders. To limit the damage from this apparent capitulation, President Reagan needs at least ...